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Galp Q2 Ahead Of Consensus With Slight Guidance Upgrade And Strong FCF; Slight Positive

ENERGY SECTOR

Unrated EUR 500mn 26s ~2bps wider

  • •Q2 production of 106kboepd was down from 117kboepd in Q223 and came against BBG consensus of 116kboepd with the decrease largely attributed to a 10% stake sale in Area 4 Mozambique.
  • •RCA EBITDA of EUR 849mn came in at -7% vs. the Q223 level of EUR 916mn and +4% vs. median company-provided consensus of EUR 818mn.
  • •Credit metrics stable; FCF was strong with FCF of EUR 0.8bn up from EUR 0.5bn in Q223 as net CapEx swung from EUR -0.2bn to EUR 0.2bn on the back of proceeds from an Angolan upstream assets deal. Net debt fell by 23% QoQ to EUR 1.2bn with RCA EBITDA leverage falling from 0.45x to 0.35x.
  • •Guidance raised slightly; RCA EBITDA and OCF from EUR c.3.1bn and EUR c.2bn to EUR >3.1bn and EUR >2bn.
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